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2) How long will it take for $1300 to grow to $ 45,600 at an interest rate of 8.9% if the interest is compounded
continuously? Round the number of years to the nearest hundredth.

Respuesta :

sqdancefan

Answer:

  39.97 years

Step-by-step explanation:

The compound interest formula is ...

  A = Pe^(rt)

Solving for t gives ...

  ln(A/P)/r = t

  t = ln(45600/1300)/0.089 ≈ 39.97 . . . years

It will take 39.97 years for $1300 to grow to $45,600 when earning 8.9% interest compounded continuously.

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